Finance · Debt

Credit Card Payoff Calculator

Find out how long it will take to pay off your credit card and how much interest you'll pay at your current monthly payment. Drag the sliders and every number updates instantly.

Current balance $5,000

APR 22.0%

Monthly payment $200

Time to pay off

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Total interest paid

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Total amount paid

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Payoff date

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Min. to make progress

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Balance paid down over time

How credit card payoff works

Flat illustration of a credit card with a downward-trending arrow and shrinking coin stacks — representing a balance being paid down to zero over time. — The higher the APR and the smaller the payment, the longer the balance lingers — and the more interest you hand the lender.

Credit card interest compounds on your outstanding balance, so a large share of a small payment goes straight to interest rather than reducing what you owe. The higher your APR and the lower your payment, the longer it takes to break free — and the more total interest you hand the lender.

Why the minimum payment is a trap

Minimum payments are typically just 1% to 3% of the balance plus interest. Paying only the minimum can stretch a payoff over a decade or more and cost more in interest than the original balance. Paying a fixed, higher amount each month dramatically shortens the timeline.

Strategies to pay off faster

Two popular approaches are the avalanche method, which targets the highest-APR card first to minimize interest, and the snowball method, which clears the smallest balance first for quick wins and motivation. A 0% balance transfer can also pause interest while you pay down principal.

Tip: If your monthly payment is less than the interest charged that month, your balance grows and you will never pay it off. Always pay more than the monthly interest, and ideally a fixed amount well above the minimum.

Frequently asked questions

How is credit card payoff time calculated?

Each month, interest is added based on your APR divided by 12, then your payment is subtracted. The calculator repeats this until the balance reaches zero, counting the months and summing the interest along the way.

Why does paying the minimum take so long?

Minimum payments are a small percentage of the balance, so most of each payment covers interest rather than principal. This can stretch payoff over many years and cost more in interest than you originally borrowed.

What is the avalanche method?

The avalanche method directs extra payments to the card with the highest APR first while paying minimums on the rest. It minimizes total interest paid and is mathematically the fastest way to get out of debt.

What is the snowball method?

The snowball method pays off the smallest balance first for a quick win, then rolls that payment into the next smallest. It can cost slightly more interest than avalanche but provides motivating early progress.

What happens if my payment is too low?

If your monthly payment is less than the interest charged that month, your balance will grow instead of shrink and the debt is never repaid. The calculator flags this and shows the minimum needed to start making progress.

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Written & reviewed by Chase Bennett, President of CalcHeadquarters

Every calculator is built from published formulas and authoritative sources, then independently checked for accuracy before it goes live. Last updated July 2026. Read our editorial policy & methodology.